Josh Frydenberg nominated busting the grip of unions over Australia's $1.9 trillion superannuation industry and giving a leg up to retail super funds as one of his first priorities upon becoming Assistant Treasurer.
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But the star recruit of Prime Minister Tony Abbott's recent cabinet reshuffle has not exactly put his own hard-earned money where his mouth is on creating a level playing field for commercial and industry super.
An update to Mr Frydenberg's pecuniary interests register shows the Kooyong MP has switched his work super out of an AMP super fund (retail) into Australian Super (industry).
He retains a super account with Mercer (retail), according to the register.
In January, the Australian Financial Review reported unions had been "put on notice" that their influence over super would be dramatically scaled back under Mr Frydenberg.
He said two of his main priorities were removing retirement products from workplace agreements, including the selection of default super funds, and forcing funds to appoint more independent directors.
He said laws dictating which funds can collect billions of dollars of super contributions were "highly inequitable". "I don't have a lot of faith in the current system. It leaves retail funds and small industry funds at a disadvantage. I am determined to act on that," he told the AFR.
Board members of Australian Super, the new protector of Mr Frydneberg's super, include ACTU secretary Dave Oliver and Australian Manufacturing Workers' Union boss Paul Bastian.
Mr Frydenberg confirmed he had switched super into an industry fund.
"I am a member of more than one superannuation fund as a result of having worked in both the public and private sectors. I am currently a member of AustralianSuper, formerly the Australian Government Employees Superannuation Trust (AGEST), in my capacity as a Member of Parliament," he said.
"Irrespective of my own arrangements, and consistent with my comments earlier this year, all Australians should be entitled to choose their own fund in order to maximise their benefit and we should always seek to strengthen the governance of superannuation funds."
Tony Sheldon, the national secretary of the Transport Workers' Union, who also sits on the board of TWU Super, welcomed Mr Frydenberg to industry super, saying he would benefit from higher returns than from his retail account.
"Not-for-profit industry funds bring higher returns for their members and charge lower fees than for-profit retail funds. A move to strip away this system would serve to undermine the economic freedom and dignity in retirement of individuals," he said.
"I am glad that the Assistant Treasurer has seen the benefit of moving to an industry fund and would urge others to do the same," Mr Sheldon said.
In December, Industry Super Australia, the umbrella group for industry super, released figures showing that industry funds had outperformed bank-owned and retail funds over periods of one, three, five, seven and 10 years.
